Luxor Capital Group buys Ocean Resort Casino Atlantic City

The AC Ocean Walk Group that took over the Ocean Resort Casino in Atlantic City in January 2018 didn’t last very long. Luxor Capital Group took a majority stake in the casino in the state of New Jersey. Formerly known as Revel Casino, it closed in 2014 and was resold for 82 million dollars in 2015. The AC Ocean Walk Group bought it for 200 million dollars and it opened in June 2018 but six months later a new group appeared: Luxor Capital Group.

AC Ocean Walk and Ocean Resort Casino : 6 months and that was the end

Could Ocean Resort Casino be a cursed casino? The casino has had a run of bad luck since 2012. The casino used to be called Revel Casino Hotel Atlantic City and it cost 2.4 billion dollars. Since it opened the casino has had a series of disasters. Under the Chapter 11 Bankruptcy law during the recession, it was sold for very little and kept changing hands. In 2018, the AC Ocean Walk group took over the casino and called it Ocean Resort Casino. The name change didn’t have any effect on the results because 6 months after opening, Luxor Capital Group came to the rescue by taking a majority stake. It is going to spend 70 million dollars to relaunch the business. Atlantic City’s casinos were in crisis during the 2010 years and some have survived like the Hard Rock Atlantic City.

Investment in the hotel and casino games

In 2019, Luxor Capital Group is going to invest 70 million dollars to relook the restaurants’ menus, improve the suites and the range of casino games. However in 2018, Ocean Resort Casino improved its range of games and now offers more than 100 gaming tables and around 2000 slot machines. On Evolution Gaming’s blog, one can read that Ocean Resort Casino signed an agreement with Evolution Gaming to offer online players its live tables in particular Dual Play Roulette.

Things didn’t work out as planned and Ocean Resort Casino Atlantic City couldn’t keep its head above water. Luxor Capital Group has come to its rescue and will invest this year. Given this, it’s not known whether the former Revel Casino Hotel Atlantic City is going to change its name. It has already been seen that changing the name didn’t change much else. Maybe the new management will bring in a magician so that the casino might finally become profitable.